US Average Gas Price Nears 7-Year Low

US Average Gas Price Nears 7-Year Low

Gasoline prices continue to drop across the country due to the plummeting price of oil. 

The current average price of gasoline in the U.S. is $2.027 for a gallon of regular, which is about 64 cents cheaper than the same day last year. The cheapest state to purchase gas in right now is Missouri, where regular is selling for $1.799, while Hawaii remains the most expensive spot to buy gas, paying an average $2.780.

Diesel fuel is also seeing low prices, with the average sitting at $2.385, down from this time last year when it cost $3.497.

SEE ALSO: US Average Fuel Economy Continues to Fall

If gas prices slip below $2 a gallon a new low will be reached that hasn’t been seen since March, 2009.

These cheap prices are the result of the Organization of the Petroleum Exporting Countries’ (OPEC) decision to maintain current levels of oil output.

This fall in the price of gas also seems to be one factor in a boost in truck and SUV sales, which has caused U.S. new cars to have a falling fuel economy average.

[Source: Market Watch]

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